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21:37 Minutes of actions taken by the Board of Governors of the ral Reserve System on Monday, December 20, 1948. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. McCabe, Chairman Szymczak Draper Evans Vardaman Clayton Mr. M. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser Thurston, Assistant to the Board Minutes of actions taken by the Board of Governors of the Reserve System on December 17, 1948, were approved unani- Memoranda from the heads of the divisions indicated below Incling that the resignations of the following employees in tlIce divisions be accepted, to be effective, in accordance with th e* that quests, as of the dates shown, with the understanding 1141) 811111 Payments would be made for annual leave remaining to their ete of those dates: kite -,tit14. 1114e!-- Name STATISTICS Mrs. Beverly C. Lacey TIVE SERVICES Mrs. Hazel M. Glover Title Effective Date Clerk-Typist 12/17/48 Elevator Opr. 12/29/48 Approved unanimously. Letter to the board of directors of the "Central State Bank", Alabama, stating that, subject to conditions of membership 21' 12/20/48 -2- Illzabered 1 and 2 contained in the Board's Regulation H and the followilig special condition, the Board approved the bank's application f°1' illembership in the Federal Reserve System and for the appropriate 41°141t of 3 stock in the Federal Reserve Bank of Atlanta: Such bank shall increase the number of its directors to not less than five, the minimum number required in the case of all member banks under the provisions of Section 31 of the Banking Act of 1933, as amended." Approved unanimously, together with a letter to Mr. McLarin, President of the Federal Reserve Bank of Atlanta, reading as follows: "The Board of Governors of the Federal Reserve Systern cal aPProves the application of the Central State Bank, &v. era) Alabama, for membership in the Federal Reserve ' c I stem, subject to the conditions prescribed in the en1340-°sed letter which you are requested to forward to the stiard of directors of the institution. Two copies of fic ih letter are also enclosed, one of which is for your to es and the other of which you are requested to forward fo the Superintendent of Banks for the State of Alabama, r his information. 3 i# In connection with condition of membership numbered fo;' has been noted that the bank has already made plans st_ the appointment of an additional director at the uckholder„, meeting in January 1949. With the understa timildlhg that the required action will be taken at that . the Board will not object to the admission of the bEln-T' -- to membership with only four directors." Recommendation dated December 15, 1948 from the Personnel ittee that travel expenses of Board -personnel in connection the 1, 'iearing in the Proceeding against Transamerica Corporation the n, ' '- -Layton Act be authorized as follows: _Lk-0 12120/48 -3- "1. Except as referred to below the Board particiPant should be allowed such expenses incurred in con.ection with travel as are authorized by the official l'avel regulations of the Board. "2. If a participant drives a private automobile, ileage should be allowed from Washington to the locarl°n of the several hearings and return at the rate of cents per mile. "3. If the wife of a Board participant accompanies joins him during such travel, there should be allowed, addition to his transportation expenses, •the cost of elle round-trip railroad fare (including any Pullman acodations that can be purchased with one fare) or rldile fare, to the principal locations of the hearings r return to Washington. Actual expenses of the wife meals during such travel should also be allowed. Such tis additional allowances would not be claimed where "el was by automobile. "4. The Board should allow rent, as shown by reijted bills submitted by the participant, of a small, disC]et' furnished apartment or suitable room at the foetion of the participant. It would not be possible 44 him to select accommodations under this authority the then wait for specific approval by the Board and 1 efore it would be my suggestion that he be authorized to: - 11-cur such expenses in such reasonable amount as may be ' Ilecessary in the circumstances. , 5. While occupying the accommodations referred to a varagraph 4 above each participant should be allowed Der diem in lieu of subsistence of 8.00." T r Z Approved unanimously, with the understanding that the expenses of Mr. Hodge, Technical and Legal Adviser to Mr. Evans, would be absorbed by the Federal Reserve Bank of Chicago. Letter to the Presidents of all Federal Reserve Banks read- "For your information the Board is receiving nu'Us telegrams from automobile dealers in many States, litrsting that Regulation W be modified to permit more riew-r8.1 instalment terms in connection with the sale of alitomobiles. Many of the senders are Kaiser-Frazer 12/20/48 Q alers, and typical of the suggestions made is the P troposal that 24 months be permitted in any case where ,he unpaid balance exceeds Sl,700 after the required ' 4°w4 Payment. "All of the senders are being assured that their vlaws Will be considered by the Board in its continuing Study of the scope and effect of Regulation W. At the :Last meeting of Federal Reserve Bank Chairmen, it was consensus that Regulation W should not be amended these respects on the basis of developments so far 14 the economic situation." Approved unanimously. 4Proir Chairman.
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